I’m not a big fan of this type of layout but it would get you started and provide an opportunity to experiment with a lot of things in the hobby. Below is the image you attached for others to see. 
 

I hope you cut up the 4x8 and look at shelf railroads, they are a much more efficient use of space and offer more opportunities.

Look up Lance Mindheim's work, particularly East Rail. You won't regret it.

https://lancemindheim.com/model-railroads/east-rail/ 

Great Northern, Northern Pacific, and Burlington Northern 3D Prints and Models

https://www.shapeways.com/shops/sean-p-murphy-designs

 

The Willmar Line: 1950 Great Northern - 1970 Burlington Northern

https://gnbnkandiyohi.blogspot.com/​

 

Sean P Murphy

Look up TOMA articles in MRH. If I were to start over again that's what I would do. 

Also, one of the most important things you can do is figure out what appeals most to you about the hobby. If you are interested in operating realistically then the layout you have shown will not be of interest to you. If you are more of a model builder and just want a good looking train to run in circles it will be fine. If you don't know yet, build a single module to use as practice for all of the new skills you need to acquire (woodwork, electronics, model building, painting) and you'll figure it out pretty quickly.

If you're wanting to do this seriously, think about the purpose of your railroad. Why does it exist? What industries need your services? The reason railroads exist is not to allow locomotives to run in circles. Railroads exist because there is something in a locale that needs to be transported to another locale. Industries may capitalize on the route a railroad takes by locating near it, but there is an underlying reason that that route was chosen. Figure out that reason and you'll be much happier with and more dedicated to building something that makes sense.

Welcome to the hobby. It is a labor of love.

Regards,

 Scott Forbes

 General Superintendant

 Pacific Coast Railroad Co.

 

FOR YOU Gene build it!  I agree with the above posts in concept but for you just build it so you get something.  After you build it you can see what you like and don't like while actually doing something.  With only 3 turnouts and some flex track it is thrifty in terms of mrr building.

Take your success from this and build upon those skills

I feel you slipping into "analysis paralysis".  Start simple, gets some sectional track, Bachmann, Kato, or Atlas, with the road bed, (make sure it's NS track, and not steel or brass) and get your 4x8 running.

Don't worry about adding on, complexities, automatic turnouts, mixing track manufactures, hand laid turnouts?? (no), specialty sections needed for adding on, and any and all distractions.

If want an around the room shelf layout, you'll figure that out once you get going, if you want to do TOMA, you'll figure that out later, as everything you use on your 4x8 can be used again.

Mike.

Gene,

That will be a dandy bit of test layout. Build it and run some trains. If you love just watching them go in circles then congrats! You have found what you like for the trains to do. If you get kind of bored with that then treat the outer loop like an industry siding. Put three index cards along the rail there and get 6 difference cars and put them in your train. Roll a dice...whatever number you roll is what goes at the first card and so on. Move those cars to the cards with your train and see if you enjoy that. If you don't you have invested some time and nothing more. Good luck and keep us posted!

You can make it easier on us, by not starting a new thread each time.  In order to refer back to what's been said already, we have to open another thread.

Keep it simple, just keep this one going.

Mike.

Thanks. I am also new to these posts so help there is appreciated also. I saw pictures in other posts but could not figure out how they did it but could see how to add a file. So, I get to learn MR and discussions in 2020s!!! Is there a way to respond to individuals from this format?

Great to see the different viewpoints.

While I understand the historical viewpoints of trains, I will move first to watching them go round and round and learn some techniques. I can figure out direction of where to head from that point. In my mind, I need to see something working sooner than later. Yes, I can always reconfigure my basement to meet other needs!

Very appreciative,

Gene

" I saw pictures in other posts but could not figure out how they did it but could see how to add a file. "

Somewhere in here, there is a tutorial in here on how to post pictures.  You DO need to have the pictures in a photo hosting site.

" Is there a way to respond to individuals from this format?"

Yes, click on the members forum name, it's highlighted in blue above the post. Open it in a separate window, and right below the forum name of the individual, there are 3 boxes.  "View", "Track", and "Contact".  Click on the contact button, and a separate window opens, where you can send the member a PM (Personal message)

Mike.

Somewhere in here, there is a tutorial in here on how to post pictures. You DO need to have the pictures in a photo hosting site.

Actually we host the photos, up to 250MB per member and you upload the photos here. If you become a superuser (you need to request) then we will allow up to 500MB of images.

You can find all kinds of goodies under the help menu, select the questions and answers page. Here’s the posting photos how-to:

https://mrhmag.com/help/how-to-post-an-image

However, we don’t host videos here, they’re too large. You’ll need to upload those to YouTube or Vimeo and then post the embed code here. There’s a video how to post under the help > questions and answers section as well.